3195 State Highway 23

Norwich, NY 13844

$95,000C-

2 bd · 1.0 ba · 280 sqft · Built 2016 · Manufactured · Pending · 197 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $842/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$203
• HOA: −$0
• Vac / Maint / Mgmt: −$177
• Net cashflow: $-36/mo
• Annual: $-432/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.88%
• DSCR: 1.04
• 1% rule: 0.89%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $-36 ($-432/yr) — negative.
• To cash-flow at today's rent, offer at most $89k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $84k (11.4% below list).
• It's been on market 197 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($657 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#447 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Norwich City School District (town): math 42% / reading 43% proficiency, ranked #498 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 5 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $5k; list at $95k implies a 1800% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 4.1% in Norwich — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.